上市公司无形资产投资对资本结构的影响研究

发布时间：2018-02-24 17:12

本文关键词： 无形资产商誉开发支出资本结构　出处：《东北财经大学》2012年硕士论文　论文类型：学位论文

【摘要】：随着人们对商誉、技术开发等无形资产给公司价值带来的影响日益重视,上市公司对无形资产投资的步伐正在逐步加快；另一方面,上市公司在特定内、外部金融条件下所形成的资本结构,成为上市公司正常生产和经营活动的资本基础。但是,在上市公司无形资产的不断形成过程中,是否会影响到上市公司资本结构的改变以及影响的程度还是一个未知的问题。对这一系列问题的研究,有助于人们提高对无形资产价值的认识,有利于银行等金融机构改变重实物资产抵押、轻无形资产价值抵押的贷款倾向,同时可以改善金融服务环境,优化公司资本结构。本文拟定将上市公司无形资产的整体投资作为研究对象,重点考察上市公司无形资产整体投资对公司资本结构的相关性影响。首先,本文系统回顾并分析以往国内外学者对相关问题的研究成果,然后在平衡面板数据、截面数据分析的基础上,利用多元线性回归模型实证检验从2002-2011年在我国A股711家(7110样本)上市公司在注重无形资产整体投资(无形资产、商誉、开发支出三个解释变量)的同时,对上市公司资本结构是否会产生影响及影响的程度。本文进行实证研究结果发现：1.我国上市公司无形资产整体投资中(无形资产)与公司资本结构呈显著负相关关系；说明如果上市公司无形资产所占比例过多,那么此公司的资产负债率会减小。2.我国上市公司无形资产整体投资中(商誉)与公司资本结构呈显著负相关关系；表明在上市公司的资产中,如果商誉所占比重过多,那么此公司的资产负债率会变少。3.我国上市公司无形资产整体投资中(开发支出)与公司资本结构正相关,但不显著。4.为了研究的具体化,本文把研究期间内所有上市公司样本数据分为不同行业进行逐一实证研究,结果发现我国不同行业的上市公司无形资产整体投资中(无形资产)对资本结构的影响比较复杂,结果也各不相同。本文针对上述实证回归结果,做出了相关的解释和分析。首先认为导致上市公司无形资产整体投资中(无形资产、商誉)与资本结构显著负相关关系,最主要原因是目前我国商业银行等金融机构在注重获取贷款利润的同时,也比较防范对贷款风险的控制,一般都会需要上市公司提供以固定资产形式作为抵押担保品,但如果上市公司资产中有过多的类似于知识产权、商誉等无形资产作为抵押物,不会增加公司的负债融资。现在对于类似无形资产作为抵押担保物,我国商业银行金融机构还没有得到普遍认可,所以不利于上市公司优化资本结构,从而影响到公司的治理和价值的提升。另一个原因是如果上市公司无形资产投资过多,势必影响到公司价值的增加,使得公司具有较多的留存收益,我国上市公司在进行融资过程中,一般会受到融资优序理论和融资偏好的影响,一般公司开始会选择内源融资获取公司内部的自有资金,然后进行股权融资,最后是债务融资。这样情况的出现同样会导致公司资本结构发生改变。其次,我国上市公司无形资产整体投资(开发支出)的资本转化为无形资产价值具有不确定性,开发研究的成功率比较低,能给公司未来带来的价值也同样具有不确定性,由于这些诸多不确定性因素存在,致使上市公司能否获得负债融资的结果也是未知的,所以开发支出同资本结构的相关性不显著。最后,不同行业的上市公司,在行业自身特点上存在明显差异性,资产结构的组成也有所区别,无形资产对公司的价值影响程度也不一样,所以造成了不同行业的无形资产对公司资本结构的影响不同。最后,本文根据实证结果产生的原因,对上市公司如何进一步加强无形资产管理以及如何优化上市公司资本结构,提出了相关性的政策建议。
[Abstract]:Along with the people to pay more attention to goodwill, intangible assets and technology development brings to the value of the company, the listed company of the intangible assets is gradually accelerated the pace of investment; on the other hand, the listed companies in particular, capital structure formed by the external financial conditions, has become the capital of listed companies based on the normal production and business activities. But and in the intangible assets of Listed Companies in the continuous forming process, whether it will affect the change of capital structure of listed companies and the extent of impact or an unknown problem. A series of issues of this research, help people to improve the understanding of the value of intangible assets, heavy physical assets change to mortgage banks and other financial institutions light, the value of intangible assets mortgage loan tendency, but also can improve the environment for financial services, optimize the company's capital structure.
This paper proposed the overall investment of intangible assets of listed companies as the research object, focuses on the relationship between the overall investment of intangible assets of listed companies on corporate capital structure. Firstly, analysis and Research on issues related to the previous scholars at home and abroad this thesis systematically reviews, and then in the balanced panel data, based on the analysis of data, using multiple linear regression model from the 2002-2011 years in China A shares 711 (7110 samples) of Listed Companies in the whole investment focus on intangible assets (intangible assets, goodwill, development expenditures three explanatory variables) at the same time, whether the capital structure of listed companies will have an impact and influence.
This paper carries on the empirical research results show that the overall investment of 1. listed companies in intangible assets (intangible assets) has negative correlation with the capital structure of the company; if the intangible assets of listed companies accounted for too much, then the company's asset liability ratio will reduce the overall investment of listed company.2. intangible assets (goodwill) was a significant negative correlation with the capital structure of the company; that in the listed company's assets, goodwill if the proportion of the overall investment too much, then the company's asset liability ratio will be less.3. of Listed Companies in China intangible assets (development expenditure) is positively related with the capital structure of the company, but not significant for specific.4. the study, based on the period of all listed companies sample data is divided into different industries by empirical research, the results showed that different industries of our country listed companies overall intangible assets The impact of investment (intangible assets) on capital structure is complex and the results are different.
According to the above empirical regression results, explain and analysis. First of all that lead to the overall investment in intangible assets of listed companies (intangible assets, goodwill) and a significant negative correlation between capital structure, the main reason is that China's commercial banks and other financial institutions to obtain loans profit at the same time, also for prevention and control the risk of the loan, usually requires listed companies to provide fixed assets as collateral, but if the assets of listed companies have a lot similar to intellectual property, goodwill and other intangible assets as collateral, will increase the company's debt financing. Now for similar intangible assets as collateral, the financial institutions of our country the commercial bank has not been universally recognized, so it is not conducive to optimizing the capital structure of listed companies, which affect the company's governance and the value of another lift. The reason is that if the intangible assets of listed companies is bound to affect the investment, increase the value of the company, making the company has retained earnings of Listed Companies in China in the process of financing, the general will be affected by the pecking order theory and financing preference, generally companies began to choose internal financing from internal funds then, equity financing, debt financing is the last. This situation could also lead the company capital structure changes. Secondly, the overall investment of China's listed companies' intangible assets (development expenditures) the capital into the value of intangible assets with uncertainty, research and development success rate is relatively low, can bring value to the company's future the same is uncertain, because of the existence of these uncertain factors, the listed companies can get debt financing results is unknown, so open No significant correlation between expenditure and capital structure. Finally, the listed companies in different industries, there are obvious differences in the industry's own characteristics, composition of assets structure also has the difference, influence of intangible assets on the firm's value is not the same, so the impact of different industries, the intangible assets of the company's capital structure is different.
Finally, according to the reasons of the empirical results, this paper puts forward relevant policy recommendations on how to further strengthen the management of intangible assets and how to optimize the capital structure of listed companies.

【学位授予单位】：东北财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

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